Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 09, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Homebuilding Surpasses Last Year's

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2007) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures show that new home starts in the Vancouver Census Metropolitan Area (CMA) for the first nine months of 2007 have inched above last year's. Multiple family home starts to date were up 15 per cent, while single detached home starts lagged last year's by one third.

"Robust job growth has kept the resale home market very active in the Vancouver region and will keep demand for new homes solid into 2008. Strong increases in multiple family home construction in Burnaby, the Tri-Cities, Langley, West Vancouver and White Rock, have nudged home starts to date above last year's," said Robyn Adamache, Senior Market Analyst with CMHC.

Moving east, residential construction in the Fraser Valley remains high. Chilliwack registered a 46 per cent home starts increase. Chilliwack has seen multiple family home starts more than double compared to the same period last year. Meanwhile, year-to-date, new home starts were down five per cent in the Abbotsford CMA. Growth in Abbotsford has been on the single detached home side.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

(Ce document existe egalement en francais)

To view the graph, tables and map accompanying this release please click on the following link: http://www.ccnmatthews.com/docs/cmhc1004b.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144
    Email: radamach@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst-Victoria/Vancouver Island Home Starts Contact
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    BC Southern Interior Home Starts Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca